Since the agreement on the IMF restructuring program, Korea has swiftly implemented a wide range of economic reform measures. All of the measures have been driven towards rebuilding market confidence as well as expediting the economic restructuring. Although foreign sentiment relates that Korea's restructuring process is moving toward the right direction but slowly, Korea deserves much credit for its recovery and reform efforts so far made, as it has come up with solid results. The international credit rating agencies have each upgraded Korea's sovereign credit rating from non-investment to investment, and it is among the evidences, which purport to show that Korea has been committed and will continue to commit itself to changes and improvement.In retrospect, we can draw some lessons about the role of international financial institutions (IFIs). (The rest omitted)